Dassault Systemes - dsweb.com - Reports 8% Increase in Total Revenue for Second Quarter, With Software Growing 10%.Business and Technology Editors PARIS--(BUSINESS WIRE)--July 23, 2002 Dassault Systemes Dassault Systemes (Dassault Systèmes S.A.) (Pronounced - Dasoh) (NASDAQ: DASTY; Euronext: 13065) is a leading company specializing in 3D and PLM (Product Lifecycle Management) software. (DS) (Nasdaq: DASTY; Euronext Paris Euronext Paris is France's securities market, formerly known as the Paris Bourse, which merged with the Amsterdam and Brussels exchanges in September 2000 to form Euronext NV, which is the second largest exchange in Europe behind the London Stock Exchange. : no.13065, DSY DSY Drum Storage Yard PA) - Reports Total Revenue of EUR 191.3 Million, Up 8% and EPS of EUR 0.26 excluding acquisition costs - On a Constant Exchange Rate Basis, Total Revenue Up 11%, EPS EUR 0.29 excluding acquisition costs - DS Delivers Broadly In-line Results in Difficult Economic Environment - DS and IBM Announce Growth Plan to Address Significant 3D PLM Market Opportunity - Trimming 2002 Revenue Growth Objective to Approximately 8% Due to Currency, Growth Plan and Weakness in Europe Dassault Systemes (DS) (Nasdaq: DASTY; Euronext Paris: no.13065, DSY PA), a worldwide leading software developer of product lifecycle Product lifecycle or product life cycle is the course of a product's sales and profits over time. The five stages of each product lifecycle are product development, introduction, growth, maturity and decline. management (PLM (Product Life cycle Management) A comprehensive information system that coordinates all aspects of a product from initial concept to its eventual retirement. Sometimes called the "digital backbone" of a product, it includes the requirements phase, analysis and design ) solutions, today reported financial results for the second quarter and six months ended June June: see month. 30, 2002. Acquisition costs include goodwill, technology amortization and other related costs. All financial figures in this press release are before these acquisition costs unless otherwise noted. Amortization of goodwill has ceased effective December December: see month. 31, 2001. All financial information is unaudited and reported in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with US generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting (US GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). ). FINANCIAL HIGHLIGHTS Second Quarter Total revenue increased 8% to EUR EUR In currencies, this is the abbreviation for the Euro. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 191.3 million in the second quarter of 2002, compared to EUR 176.9 million in the second quarter of 2001. On a constant exchange rate basis, second quarter revenue growth would have been 11%. Net income excluding acquisition costs totaled EUR 30.0 million, or EUR 0.26 per share in the second quarter of 2002, a 3% decrease compared to EUR 31.0 million, or EUR 0.27 per share in the year-ago period. On a US GAAP basis, which includes acquisition costs, net income was EUR 27.7 million or EUR 0.24 per share in the 2002 second quarter, compared to EUR 12.6 million or EUR 0.11 per share in the 2001 second quarter. Process-centric revenue, including PDM (1) (Product Data Management) An information system used to manage the data for a product as it passes from engineering to manufacturing. The data includes plans, geometric models, CAD drawings, images, NC programs as well as all related project data, notes and , increased 10% to EUR 158.9 million and represented approximately 83% of total revenue in the second quarter of 2002. On a stand-alone basis, PDM revenue increased 19% to EUR 17.4 million in the second quarter of 2002. The Company noted that PDM software end-user revenues totaled approximately EUR 28.6 million. Design-centric revenue was EUR 32.4 million, or a decrease of 1% compared to the year-ago quarter, and represented approximately 17% of total revenue in the second quarter of 2002. Software license revenue increased 10% to EUR 166.7 million and represented 87% of total revenue in the second quarter of 2002, up from EUR 151.3 million in the year-ago quarter. Service revenue totaled EUR 24.6 million, a decrease of 4%, compared to EUR 25.6 million in the second quarter of 2001. Total seats licensed in the 2002 second quarter were 14,913, comprising 8,656 CATIA A family of 2D and 3D CAD programs from IBM. CATIA was one of the first CAD programs to provide 3D solid modeling. The program was developed by Dassault Systems, a French aerospace company. and 6,257 SolidWorks seats. First Half Total revenue increased 9% to EUR 373.8 million for the first six months of 2002, compared to EUR 342.0 million in the 2001 first half. Net income excluding acquisition costs totaled EUR 58.5 million, or EUR 0.50 per share, representing a decrease of 4% versus comparable net income of EUR 60.9 million, or EUR 0.52 per share in the year-ago first half. On a US GAAP basis, which includes acquisition costs, net income was EUR 53.0 million or EUR 0.45 per share for the six months ended June 30, 2002, compared to EUR 31.5 million or EUR 0.27 per share in the first half of 2001. In the first six months of 2002, 29,112 seats were licensed, comprising 16,980 CATIA and 12,132 Solidworks seats. Charles Edelstenne, Chairman of DS, commented, "Our performance this quarter continues to show the resilience resilience (r  ·zilˑ·yens),n of our business model and the conservatism of our financial management over the course of a difficult economic environment. As a result, I believe DS is positioned to show better performance in 2002 than others in our industry and in the software and technology sectors more broadly. Our strategy of consistent investment clearly demonstrates our focus on long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. growth to continue to outperform Outperform An analyst recommendation meaning a stock is expected to do slightly better than the market return. Notes: Exact definitions vary by brokerage, but in general this rating is better than neutral and worse than buy or strong buy. ." Bernard Charles Bernard Charles is the CEO of Dassault Systemes. References
Used in the context of general equities. (1) An order or market in a specific security within the inside market; 2) any announcement (earnings) that adheres closely to Wall Street analysts' expectations. with expectations and continued to gain market share. We had good revenue growth, a high level of profitability and continued success in the execution of our 3D PLM strategy, including significant strengthening of our long-standing partnership with IBM (International Business Machines Corporation, Armonk, NY, www.ibm.com) The world's largest computer company. IBM's product lines include the S/390 mainframes (zSeries), AS/400 midrange business systems (iSeries), RS/6000 workstations and servers (pSeries), Intel-based servers (xSeries) . "The Product Lifecycle Management market offers enormous opportunity as product development increasingly takes the center stage at manufacturing companies worldwide. The PLM market is forecasted to nearly double in size to US$15 billion by 2006, making it one of the fastest growing sectors within the software market. At DS we are building our 3D PLM business and preparing for tomorrow. "Joining us in this ramp-up is IBM, our strategic partner of more than 20 years. I am particularly pleased to announce with IBM today, an aggressive, joint growth plan to take a strong lead in the rapidly expanding Product Lifecycle Management market. We want to be prepared to take advantage of the significant growth opportunities in this market. Like us, IBM firmly believes that the need for PLM solutions is strong and growing and they are backing up their belief with a significant increase in the resources they dedicate ded·i·cate tr.v. ded·i·cat·ed, ded·i·cat·ing, ded·i·cates 1. To set apart for a deity or for religious purposes; consecrate. 2. solely to DS 3D PLM solutions." Under the agreement, IBM PLM is projected to grow sales and pre-sales forces by approximately 40% by the end of 2003. Mr. Charles added, "On the customer front, through a close understanding of our customers and their business processes, our vision of 3D PLM continues to gain acceptance and adoption. We were pleased to announce that MAN Nutzfahrzeuge, Europe's third largest truck manufacturer, decided to standardize stan·dard·ize v. 1. To cause to conform to a standard. 2. To evaluate by comparing with a standard. truck and bus production processes using DS 3D PLM solutions, including 700 ENOVIA V5 LCA LCA Life Cycle Assessment LCA Saint Lucia (ISO Country code) LCA Life Cycle Analysis LCA Linux.conf.au (Australian Linux conference) LCA Labor Condition Application LCA Light Combat Aircraft (lifecycle applications) licenses. Recently, Scania, one of the world's leading manufacturers of trucks, buses and engines, signed a contract for delivery of product development and product data management solutions, including CATIA V5 and ENOVIA V5 applications. Thibault de Tersant, Executive Vice President and CFO See Chief Financial Officer. , stated, "Second quarter results came in very close to our objectives of EUR 195 million in revenue and EUR 0.27 in EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. excluding acquisition costs. The slight differences reflect the negative exchange rate impact from the sudden appreciation of the euro. In fact, on a constant exchange rate basis, revenue would have been EUR 196 million and EPS EUR 0.29 excluding acquisition costs. "With respect to our outlook for the full year, we are lowering our revenue objective to a range of EUR 800 to EUR 810 million from EUR 840 million. Only EUR 4 to EUR 14 million of this adjustment, arising from potential further weakness in Europe, is attributable to the level of business activity. Most of the adjustment is due to sudden and sharp currency exchange rate fluctuations as well as new investments relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the new growth plan with IBM PLM. We are maintaining our operating margin Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: objective of approximately 29.6% for the full year. For the third quarter, our objective is to deliver revenue of approximately EUR 184 to EUR 190 million." NEW PRODUCT LAUNCHES The introduction of 3D PLM Version 5 Release 9 (V5R9) for CATIA, DELMIA DELMIA Digital Enterprise Lean Manufacturing Interactive Application , ENOVIA and SMARTEAM represents a major milestone in the 3D PLM market. V5R9 delivers a set of business practices for breakthrough product morphing Transforming one image into another; for example, a car into a tiger. The term comes from metamorphosis. Morphing programs work by marking prominent points, such as tips and corners, of the before and after images. , which automatically combines existing design data and templates with new specifications to form an original, full-featured product and production systems design. By maximizing reuse reuse - Using code developed for one application program in another application. Traditionally achieved using program libraries. Object-oriented programming offers reusability of code via its techniques of inheritance and genericity. of existing knowledge and experience, morphing gives customers the ability to reduce cycle times and increase their market responsiveness. Companies of all sizes and in any industry can utilize V5R9. Interoperability The capability of two or more hardware devices or two or more software routines to work harmoniously together. For example, in an Ethernet network, display adapters, hubs, switches and routers from different vendors must conform to the Ethernet standard and interoperate with each other. with multiple CAD CAD: see computer-aided design. (Computer-Aided Design) Using computers to design products. CAD systems are high-speed workstations or desktop computers with CAD software. , PDM and other business systems has been enhanced to accelerate deployment and integration within an existing solution environment. CATIA V5R9 newly introduced capabilities make product morphing a reality and significantly improve the efficiency of product design and simulation across engineering processes. Key highlights of the new CATIA release include: (i) major enhancements to 87 products for design and manufacturing process definition in areas such as cast, forged forge 1 n. 1. A furnace or hearth where metals are heated or wrought; a smithy. 2. A workshop where pig iron is transformed into wrought iron. v. , and molded mold 1 n. 1. A hollow form or matrix for shaping a fluid or plastic substance. 2. A frame or model around or on which something is formed or shaped. 3. Something that is made in or shaped on a mold. parts, and automotive body-in-white; (ii) 11 new applications providing process coverage for the consumer goods consumer goods Any tangible commodity purchased by households to satisfy their wants and needs. Consumer goods may be durable or nondurable. Durable goods (e.g., autos, furniture, and appliances) have a significant life span, often defined as three years or more, and , industrial machinery, aerospace, industrial equipment systems and shipbuilding sectors; (iii) enhanced relational design methodology and support of collaborative multi-CAD product development processes; (iv) new PPR PPR peste des petitis ruminants. technologies to strengthen CATIA-ENOVIA integration and improve the interaction between numerical control numerical control: see computer-aided manufacturing. numerical control (NC) Control of a system or device by direct input of data in the form of numbers, letters, symbols, words, or a combination of these forms. manufacturing processes and product design definitions; (v) new capabilities to maximize knowledge capture and reuse through system- and subsystem-level design templates; and (vi) extended openness within the 3D PLM market with a total of 18 third-party V5 applications. DELMIA V5R9 offers a wide range of new capabilities to make product morphing a reality, and lead the way to integrated manufacturing engineering Manufacturing engineering Engineering activities involved in the creation and operation of the technical and economic processes that convert raw materials, energy, and purchased items into components for sale to other manufacturers or into end products for . Major highlights of the new DELMIA release include: (i) date and range configuration mechanisms for manufacturing engineers The profession of manufacturing engineer is defined as a person having the education and experience to understand and control manufacturing systems such as processes and/or automation, including industrial processes and equipment used to produce goods. working in the aerospace, shipbuilding and defense industries; (ii) enhanced creation and management of numerical control manufacturing processes; (iii) geometric tools for improved collaboration Working together on a project. See collaborative software. between manufacturing and tooling design engineers; and (iv) planning infrastructure improvements to leverage the reuse of existing manufacturing libraries in process planning and detailing. ENOVIA V5R9 also brings new capabilities to enable product morphing as well as significantly improving VPDM VPDM Vice President of Management Development deployment throughout the supply chain. Major ENOVIA V5R9 highlights include: (i) enriched support of VPDM processes, including relational design, design-in-context, and clash management; (ii) support for new and enhanced out-of-the-box best practices, including process flow control and optimization optimization Field of applied mathematics whose principles and methods are used to solve quantitative problems in disciplines including physics, biology, engineering, and economics. , and product simulation using kinematics kinematics: see dynamics. kinematics Branch of physics concerned with the geometrically possible motion of a body or system of bodies, without consideration of the forces involved. and analysis data; (iii) improved functions for accessing and sharing VPDM information across the supply chain; (iv) complete product variation management through sophisticated configuration control capability; and (v) new PPR multiCAD hubbing facilities for enhanced interoperability. ENOVIA announced the general availability for the first time of ENOVIA V5 Lifecycle Applications (LCA). ENOVIA LCA is a product data management application suite that supports complex product development processes with a very high degree of variants. Using its integrated PPR (product, process, resources) infrastructure, ENOVIA LCA is designed to manage engineering and manufacturing processes built around multi-disciplinary, multi-site, configured con·fig·ure tr.v. con·fig·ured, con·fig·ur·ing, con·fig·ures To design, arrange, set up, or shape with a view to specific applications or uses: digital mock-ups. SolidWorks unveiled a new line of PDM solutions that will help customers more effectively manage growing volumes of product design information. With SolidWorks ` PDM products, engineers can now immediately view the latest version of a product design so that they can reduce the risk of errors from multiple versions of the same design, accelerate the design process, and bring new products to market quickly. SolidWorks' line of PDM products consists of SolidWorks Explorer, an integrated file management tool, DesignSource Technology, Inc.'s PDM/Works, and SMARTEAM enterprise data management software. SolidWorks recently completed the acquisition of DesignSource Technology and has established a dedicated team to sell and support SMARTEAM to the SolidWorks community. SolidWorks customers now have a single source for PDM applications that support single users, work groups, and large enterprises. ADDITIONAL HIGHLIGHTS In a separate press release issued today, DS and IBM PLM announced an aggressive growth plan to take advantage of the increasing business opportunities generated in the rapidly expanding Product Lifecycle Management market. DS and EADS EADS European Aeronautic Defence and Space Company N.V. EADS Expeditionary Air Defense System (USMC) EADS Extended Air Defense Systems EADS Environmental Assessment Data System EADS Echelons Above Division Study , Europe's largest aerospace and defense company, signed a seven-year, multi-million Euro agreement where EADS will use DS PLM solutions for all development, construction and production across its divisions worldwide. This agreement expands EADS' existing installed base of approximately 1,100 CATIA workstations by 30 percent. The CATIA, DELMIA and ENOVIA implementation will provide EADS with a complete PLM business solution. MAN Nutzfahrzeuge, Europe's third largest truck manufacturer, has decided to standardize truck and bus production processes using DS PLM solutions, including CATIA and ENOVIA. The agreement includes approximately 700 ENOVIA V5 LCA licenses. During the quarter, Mecalog, with recognized expertise in crash simulation A crash simulation is a virtual recreation of a destructive crash test of a car using a computer simulation in order to examine the level of safety of the car and its occupants. , joined DS' Software Community Program as a CAA Caa See CCC. V5 Software Partner. DS and Volvo Information Technology AB (Volvo IT) signed a consulting and services partnership around 3D PLM. Pursuant to the agreement, Volvo IT will supply consulting services Noun 1. consulting service - service provided by a professional advisor (e.g., a lawyer or doctor or CPA etc.) service - work done by one person or group that benefits another; "budget separately for goods and services" to support the implementation of DS 3D PLM solutions to a wide range of targeted industries, including automotive, industrial machinery and high-tech industry. In early July, DS and T-Systems, Europe's second largest integrated systems provider and the professional services (job) professional services - A department of a supplier providing consultancy and programming manpower for the supplier's products. arm of Deutsche Telekom Deutsche Telekom AG (ISIN: DE0005557508, FWB: DTE, NYSE: DT, LSE: DEU, TYO: 9496 ) (abbreviated DTAG) is a telecommunications company headquartered in Bonn, Germany. It is the largest telecommunications company in Germany and in the EU. Group, announced an agreement to develop an international consulting and services partnership around DS' 3D PLM solutions. United Airlines has implemented DS CATIA V5 solutions to create and manage key engineering data relating to aircraft maintenance. Their decision included the implementation of over 300 CATIA workstations. The United Airlines engineering team will use the full range of CATIA V5 3D capabilities such as modeling, analysis, manufacturing, and review based on digital mock-up mock·up also mock-up n. 1. A usually full-sized scale model of a structure, used for demonstration, study, or testing. 2. A layout of printed matter. in various areas such as fleet engineering, component engineering, engine overhaul, tooling, general manufacturing, aircraft interior reconfigurations and illustration creation. The ORECA Group, a leader in endurance Endurance See also Longevity. Atalanta feminine name denotes power of endurance. [Gk. Myth.: Jobes, 148] Boston marathon famous 26-mile race held annually for long-distance runners. [Am. Pop. Culture: Misc. racing, adopted CATIA V5 and SMARTEAM solutions for designing the prototypes for their new 24 hours Le Mans cars and managing the associated data. SMARTEAM and IBM PLM announced plans to enhance their joint go-to-market strategy by accelerating sales, marketing and support activities. Cambridge University Cambridge University, at Cambridge, England, one of the oldest English-language universities in the world. Originating in the early 12th cent. (legend places its origin even earlier than that of Oxford Univ. , one of the world's most prestigious learning institutions, has purchased a three-year subscription for 465 licenses of Solidworks software. Statements above that are not historical facts but express expectations or objectives for the future, including but not limited to statements regarding the Company's objectives for 2002 revenue and operating margin and third quarter 2002 revenue, are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. (within the meaning of Section 27A of the Securities Act of 1933, as amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. ). Such forward-looking statements are based on management's current views and assumptions and involve known and unknown risks and uncertainties. Actual results or performances may differ materially from those in such statements due to, among other factors: (i) currency fluctuations, (ii) global economic conditions, (iii) market demand for our products and services, (iv) new product developments and technological changes, and (v), our ability to recruit and retain skilled personnel. Unfavorable changes in any of the above or other factors described in the Company's SEC reports, including the Form 20F for the year ended December 31, 2001, which was filed with the SEC on June 20, 2002, could materially affect the Company's financial position or results of operations. Conference Call Information Dassault Systemes will be hosting a conference call today at 4:00PM CET/10:00 AM ET. The conference call will be available via the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the by accessing Dassault Systemes' website at www.dsweb.com or www.vcall.com. Follow the directions on the main page to link to the audio. Please go to the website at least fifteen minutes prior to the call to register, download To receive a file transmitted over a network. In any communications session, "download" means receive, and "upload" means send. The download/upload often implies a big/little scenario, in which data is being downloaded from the "big" server into the "little" user's computer. and install any necessary audio software. ABOUT DASSAULT SYSTEMES Dassault Systemes (Nasdaq: DASTY; Euronext Paris: #13065, DSY.PA) is the premier global software developer for the CAD/CAM/CAE/PLM market, providing companies with e-business solutions to implement their digital enterprise, thus creating and simulating the entire product life cycle from initial concept to product in service. CATIA, ENOVIA and DELMIA solutions support industry-specific business processes to help unleash creativity and innovation, reduce development cycle time, improve quality, competitiveness and shareholder value: CATIA supports the digital product definition and simulation, DELMIA provides solutions to define and simulate simulate - simulation lean digital manufacturing processes and ENOVIA delivers enterprise solutions that manage a comprehensive, collaborative and distributed model of the digital product, processes and resources. The combined integration creates the Digital Product life cycle Pipeline, supporting reuse of corporate knowledge. SolidWorks and SmarTeam, as Dassault Systemes companies, offer respectively 3D design-centric and collaborative PDM software solutions based on Windows and the Internet. Spatial, also part of Dassault Systemes family, is a market-leading provider of world-class 3D software components and services (for 3D modeling, visualization Using the computer to convert data into picture form. The most basic visualization is that of turning transaction data and summary information into charts and graphs. Visualization is used in computer-aided design (CAD) to render screen images into 3D models that can be viewed from all , and interoperability) to meet the requirements of 3D in Internet-based e-commerce e-commerce, commerce conducted over the Internet, most often via the World Wide Web. E-commerce can apply to purchases made through the Web or to business-to-business activities such as inventory transfers. and B2B (Business to Business) Refers to one business communicating with or selling to another. See B2B e-commerce, B2C and B2G. B2B - business to business applications. Information about Dassault Systemes is available at http://www.dsweb.com.
DASSAULT SYSTEMES
KEY FIGURES
(in millions of Euro, except per share data)
2nd QUARTER
------------ Percentage
2Q02 2Q01 Variance
------ ------ ----------
Process-Centric 158.9 144.1 10%
Process-Centric excluding PDM 141.5 129.5 9%
PDM 17.4 14.6 19%
Design-Centric 32.4 32.8 (1%)
Revenue 191.3 176.9 8%
AMERICA 54.1 52.1 4%
EUROPE 84.5 86.3 (2%)
ASIA 52.7 38.5 37%
Operating Income 49.1 47.1 4%
Operating Margin 25.7% 26.6%
Net Income 30.0 31.0 (3%)
EPS excluding acquisition costs 0.26 0.27 (4%)
Closing Headcount 3,888 3,474 12%
DASSAULT SYSTEMES
CONSOLIDATED STATEMENT OF INCOME DATA
(in millions of Euro, except per share data)
Three Months Ended Six Months Ended
------------------ ------------------
June 30, June 30, June 30, June 30,
2002 2001 2002 2001
-------- -------- -------- --------
Revenue
Software 166.7 151.3 326.0 296.0
Services and Other 24.6 25.6 47.8 46.0
--------- --------- --------- ---------
Total Revenue EUR 191.3 EUR 176.9 EUR 373.8 EUR 342.0
Cost of Revenue
Software 4.8 4.8 11.7 10.1
Service and Other 23.5 21.6 44.3 38.4
--------- --------- --------- ---------
Total Cost of Revenue EUR 28.3 EUR 26.4 EUR 56.0 EUR 48.5
Gross Profit EUR 163.0 EUR 150.5 EUR 317.8 EUR 293.5
Research, Selling,
Administrative and
Acquisition expenses
Research and Development 56.3 51.6 113.5 100.5
Marketing and Sales 44.9 40.3 87.3 79.6
General Administration 12.7 11.5 25.2 21.7
Acquisition Costs 2.6 18.9 6.5 31.6
--------- --------- --------- ---------
Total Research, Selling,
Administration
and Acquisition expenses EUR 116.5 EUR 122.3 EUR 232.5 EUR 233.4
========= ========= ========= =========
Operating Income EUR 46.5 EUR 28.2 EUR 85.3 EUR 60.1
Financial revenue and Other (0.7) 5.8 3.9 10.8
Income before income taxes 45.8 34.0 89.2 70.9
Income tax expense (18.1) (21.4) (36.2) (39.4)
--------- --------- -------- ---------
Net Income EUR 27.7 EUR 12.6 EUR 53.0 EUR 31.5
========= ========= ======== =========
Basic net
income per share(1) EUR 0.24 EUR 0.11 EUR 0.46 EUR 0.28
========= ========= ======== =========
Diluted net
income per share(1) EUR 0.24 EUR 0.11 EUR 0.45 EUR 0.27
========= ========= ======== =========
Basic weighted
average share
outstanding (in millions) 114.1 113.6 114.1 113.5
========= ========= ======== =========
Diluted weighted
average shares
outstanding (in millions) 117.1 116.9 117.6 117.2
(1) Excluding acquisition costs, operating income and net income
would have been as follows:
Operating Income EUR 49.1 EUR 47.1 EUR 91.8 EUR 91.7
========= ========= ========= ========
Net Income EUR 30.0 EUR 31.0 EUR 58.5 EUR 60.9
========= ========= ========= ========
Diluted net income per share EUR 0.26 EUR 0.27 EUR 0.50 EUR 0.52
========= ========= ========= ========
DASSAULT SYSTEMES
CONSOLIDATED STATEMENT OF INCOME DATA
PERCENTAGE VARIANCE
(EXCLUDING ACQUISITION COSTS)
(in millions of Euro, except per share data)
Excluding acquisition costs, the consolidated statements of income
data would have been as follows:
Three Months Ended
Variation
June 30, 2002 June 30, 2001 %
-------------- ------------- ----------
Revenue
Software 166.7 151.3 10.2%
Services and Other 24.6 25.6 (3.9%)
-------------- -------------
Total Revenue EUR 191.3 EUR 176.9 8.1%
Cost of Revenue
Software 4.8 4.8 0.0%
Service and Other 23.5 21.6 8.8%
-------------- -------------
Total Cost
of Revenue EUR 28.3 EUR 26.4 7.2%
Gross Profit EUR 163.0 EUR 150.5 8.3%
Research, Selling,
Administrative
Research and Development 56.3 51.6 9.1%
Marketing and Sales 44.9 40.3 11.4%
General Administration 12.7 11.5 10.4%
-------------- -------------
Total Research, Selling,
Administration EUR 113.9 EUR 103.4 10.2%
============== ============= ==========
Operating Income EUR 49.1 EUR 47.1 4.2%
Financial revenue
and Other (0.7) 5.8 N/A
Income before income taxes 48.4 52.9 (8.5%)
Income tax expense (18.4) (21.9) N/A
Net Income EUR 30.0 EUR 31.0 (3.2%)
=============== ============== ==========
Diluted net
income per share EUR 0.26 EUR 0.27 (3.7%)
=============== ============== ==========
Diluted weighted average
shares outstanding
(in millions) 117.1 116.9
DASSAULT SYSTEMES
CONSOLIDATED STATEMENT OF INCOME DATA
PERCENTAGE VARIANCE
(EXCLUDING ACQUISITION COSTS)
(in millions of Euro, except per share data)
Excluding acquisition costs, the consolidated statements of income
data would have been as follows:
Six Months Ended
Variation
June 30, 2002 June 30, 2001 %
-------------- ------------- ----------
Revenue
Software 326.0 296.0 10.1%
Services and Other 47.8 46.0 3.9%
-------------- -------------
Total Revenue EUR 373.8 EUR 342.0 9.3%
Cost of Revenue
Software 11.7 10.1 15.8%
Service and Other 44.3 38.4 15.4%
-------------- -------------
Total Cost
of Revenue EUR 56.0 EUR 48.5 15.5%
Gross Profit EUR 317.8 EUR 293.5 8.3%
Research, Selling,
Administrative
Research and Development 113.5 100.5 12.9%
Marketing and Sales 87.3 79.6 9.7%
General Administration 25.2 21.7 16.1%
-------------- -------------
Total Research, Selling,
Administration EUR 226.0 EUR 201.8 12.0%
============== ============= ==========
Operating Income EUR 91.8 EUR 91.7 0.1%
Financial revenue
and Other 3.9 10.8 (63.9%)
Income before income taxes 95.7 102.5 (6.6%)
Income tax expense (37.2) (41.6) N/A
Net Income EUR 58.5 EUR 60.9 (3.9%)
============== ============= ==========
Diluted net income
per share EUR 0.50 EUR 0.52 (3.8%)
============== ============= ==========
Diluted weighted average
shares outstanding
(in millions) 117.6 117.2
DASSAULT SYSTEMES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions of Euro)
June 30, 2002 December 31, 2001
----------------- -----------------
ASSETS
Cash and short-term investments 369.6 369.2
Accounts receivable, net 157.1 217.3
Other assets 276.7 244.9
----------------- -----------------
Total assets EUR 803.4 EUR 831.4
LIABILITIES
AND SHAREHOLDERS' EQUITY
Total liabilities 246.4 280.5
Shareholders' equity 557.0 550.9
------------------- -----------------
Total liabilities
and shareholders' equity EUR 803.4 EUR 831.4
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